IoT security startup Particle raises $40M in Series C
Particle, a platform for Internet of Things devices, has raised $40 million in its latest round of funding.
Qualcomm Ventures and Energy Impact Partners led the Series C raise, with backing from existing investors including Root Ventures, Bonfire Ventures, Industry Ventures, Spark Capital, Green D Ventures, Counterpart Ventures and SOSV.
With its latest round of funding, Particle has raised $81 million to date.
The San Francisco-based startup provides the back-end for its customers to bring Internet of Things devices to market without having to shell out for their own software infrastructure. The platform aims to be the all-in-one solution for IoT devices, with encryption and security, as well as data autonomy and scalability.
That means more traditional businesses can buy a fleet of sensors and other monitoring devices, hook them up to their own machines and use Particle’s infrastructure for monitoring.
That’s a common theme that Particle sees, according to Zach Supalla, the company’s chief executive.
“More and more of our customers are in old-fashioned, even unglamorous, businesses like stormwater management, industrial equipment, shipping or monitoring any number of compressors, pumps and valves,” he said in remarks. “These businesses are diverse, but the common thread is that they need to monitor and control mission-critical machines, and we see it as our mission to help bring their machines, vehicles and devices into the 21st century.”
Particle said the funding round follows “significant growth” for its enterprise platform, seeing 150% year-over-year growth in revenue.
The company currently has 100 staff working to support 85 enterprise clients across agriculture, automotive, smart city and other industries.